How to Get Out of a RV Loan

Title: How to Get Out of an RV Loan: A Comprehensive Guide


Owning a recreational vehicle (RV) can be an exciting adventure, but what if circumstances change, and you find yourself needing to get out of your RV loan? Whether it’s due to financial constraints, a change in lifestyle, or simply deciding to explore other options, this article will guide you through the process of getting out of an RV loan. Additionally, we have included seven frequently asked questions (FAQs) and answers at the end to address common concerns.

1. Evaluate your financial situation:

Before taking any steps, it’s crucial to assess your financial position. Review your budget, income, and expenses to determine if continuing with the RV loan is feasible. If you find yourself struggling to make payments, it might be time to consider alternative solutions.

2. Communicate with your lender:

Open communication with your lender is essential. Contact them to discuss your situation and explore possible options. They may offer payment deferrals, loan refinancing, or other alternatives to help you manage your RV loan.

3. Consider selling the RV:

If you decide that selling the RV is the best option, you have a few routes to take. One option is to sell it privately, advertising through online platforms or RV classifieds. Another option is to trade it in at a dealership, which can provide an opportunity to negotiate a new loan or lease agreement.

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4. Calculate the RV’s value:

Determining the value of your RV is crucial when selling it. Research the market value based on its age, condition, and features. Various online resources, such as NADA Guides and RVTrader, can assist you in estimating its worth.

5. Pay off or transfer the loan:

Ideally, you’ll be able to sell the RV for an amount that covers the remaining balance on your loan. In this case, use the proceeds from the sale to pay off the loan. If the selling price is less than the loan balance, you’ll need to negotiate a payment plan with your lender to settle the remaining debt.

6. Explore loan assumption:

Loan assumption allows someone else to take over your RV loan, transferring the responsibility to a new buyer. This option requires lender approval, and the new buyer must meet their criteria. Work with your lender to determine if loan assumption is possible and ensure the necessary legal documentation is completed.

7. Consult a professional:

If you’re unsure about the best course of action or need assistance navigating the process, consider consulting a financial advisor or attorney specializing in RV loans. They can provide personalized advice based on your situation and help you understand any legal implications.

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1. Can I return my RV to the dealer if I can’t afford the payments?
Returning the RV to the dealer is generally not an option unless explicitly specified in your contract. Most dealerships consider the sale final once you’ve driven off the lot.

2. What happens if I stop making payments on my RV loan?
Defaulting on your RV loan can have severe consequences, such as damage to your credit score, repossession of the RV, and legal action from the lender.

3. Can I refinance my RV loan to lower monthly payments?
Refinancing is a possibility, but it depends on various factors such as your credit score, equity in the RV, and current interest rates. Contact your lender to explore this option.

4. Will selling my RV affect my credit score?
Selling your RV does not directly impact your credit score. However, if you’re unable to pay off the remaining loan balance, it could negatively impact your credit if not resolved.

5. Can I trade in my RV for a different one?
Yes, trading in your RV is possible. The dealership will assess the RV’s value and offer you a trade-in amount that can be applied towards the purchase of a new one.

6. Can I sell my RV if it’s still under warranty?
Yes, you can sell your RV even if it’s under warranty. However, the warranty typically stays with the vehicle, benefiting the new owner.

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7. Can I transfer my RV loan to someone else’s name without selling it?
Transferring an RV loan to someone else’s name is possible through loan assumption. However, this requires lender approval and the new buyer meeting their criteria.


Getting out of an RV loan may seem overwhelming, but with careful planning and communication, it can be accomplished. Start by evaluating your financial situation, exploring various options such as selling or refinancing, and consulting professionals when needed. Remember, open communication with your lender is key throughout the process. By following these steps, you can find a solution that suits your circumstances and helps you move forward.